MerryMart to list stocks on June 15

MANILA, Philippines — Grocery and supermarket operator MerryMart Consumer Corp. of property tycoon Edgar “Injap” Sia II is now targeting to list on June 15, pushed back by two months from the original April 2, 2020 listing date.

MerryMart has already obtained the approval of the Securities and Exchange Commission as well as the Philippine Stock Exchange to proceed with its initial public offering.

The offer, which will start on May 27 until June 5, seeks to raise P1.6 billion.

MerryMart will offer 1.6 billion primary common shares at a maximum price of P1 each.  Proceeds from the offer will be used for capital expenditures and working capital for store network expansion.

The company has tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner.

Formerly Injap Supermart Inc., MerryMart is a consumer-focused retail company principally engaged in the operation of retail stores in the supermarket and household essentials categories.

It operates three grocery retail formats: MerryMart Grocery, a full-size supermarket; MerryMart Market, a medium-sized specialized grocery; and MerryMart Store, a small-sized household essentials store.

As part of its store network expansion, MerryMart intends to open 12 additional stores by the second quarter. The company plans to open its 100 branches by the fourth quarter of 2021.

Sia believes the company, which sells primary necessities, is a strong and in-demand profile during these difficult  times.